Ch 12 Preparing Payroll Records

Employee regular earnings are calculated as

• regular hours times regular rate

• total hours divided by regular rate

• total hours plus overtime rate

• overtime hours minus overtime rate

A business form used to record details affecting payments made to an employee is a(n)

• employee earnings record

• payroll journal

• employee accounts payable record

• tax withholding form

Businesses use payroll records to inform employees of their annual earnings and to prepare payroll reports for the government

• true

• false

Qualified retirement plans are approved by an act of Congress

• true

• false

The Accumulated Earnings column of the employee earnings record

• shows net pay for the year

• is the total earnings since the first of the year

• shows net pay for one quarter

• is the gross earnings for one quarter

Each employee name is listed in a payroll register along with

• employee number

• marital status

• withholding allowances

• all of these

The total earnings paid to an employee after payroll taxes and other deductions is recorded in the payroll register's

• Gross Pay column

• Total Earnings column

• Net Pay column

• Total Deductions column

Individual payroll checks are usually written on a(n)

• company's regular checking account

• separate payroll checking account

• special purposes account

• employee earnings account

The first task in preparing a payroll is to determine the number of days worked by each employee

• true

• false

Total earnings are sometimes referred to as net pay

• true

• false